Vehicle value - What's best when insuring?
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- ALPIN
- Posts: 661
- Joined: Fri Oct 15, 2010 5:26 pm
- Location: Birmingham B14
Vehicle value - What's best when insuring?
Hi Guys
Am due to renew my insurance soon and was wondering if anyone knew what was best/correct when valuing your car for the chosen insurance company?
I can remember valuing an old Hi8 Camcorder for £900....the amount I paid for it....and kept that value when insuring it until it was lost a number of years later and I made a claim. Even though I'd been paying a premium for the £900, the insurance company was only willing to pay out around £600, claiming, compared to up to date models, that was all it was worth.
So, when it comes to YOUR car, do you insure it for it's current value or higher, in the hope you'd get more, should it be written off?
Does anyone know how much the value would affect the premium? How do you get an accurate value on cars like these?
Thanks in advance.
Colin
Am due to renew my insurance soon and was wondering if anyone knew what was best/correct when valuing your car for the chosen insurance company?
I can remember valuing an old Hi8 Camcorder for £900....the amount I paid for it....and kept that value when insuring it until it was lost a number of years later and I made a claim. Even though I'd been paying a premium for the £900, the insurance company was only willing to pay out around £600, claiming, compared to up to date models, that was all it was worth.
So, when it comes to YOUR car, do you insure it for it's current value or higher, in the hope you'd get more, should it be written off?
Does anyone know how much the value would affect the premium? How do you get an accurate value on cars like these?
Thanks in advance.
Colin
Colin
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
Re: Vehicle value - What's best when insuring?
My understanding was always that, unless you have formally got an "agreed value" policy, the insurance co would always determine market value at the date and time of a claim, so the token value you attribute otherwise is effectively meaningless.
B3 3.2 TOURING #062
Re: Vehicle value - What's best when insuring?
As Bob states, if you don’t want to worry what you would receive if you were to claim a total loss on the policy then get an agreed valuation, although maybe tricky with a newer car.
I found my premium didn’t really increase much with agreed valuation but this of course depends on the value you are insuring versus the normal market value which maybe quite a difference in some cases.
I found my premium didn’t really increase much with agreed valuation but this of course depends on the value you are insuring versus the normal market value which maybe quite a difference in some cases.
Range Rover SDV8.
E64 B6s #100 Cabriolet (Now Sold)
Maserati Gransport
E64 B6s #100 Cabriolet (Now Sold)
Maserati Gransport
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- ALPIN
- Posts: 661
- Joined: Fri Oct 15, 2010 5:26 pm
- Location: Birmingham B14
Re: Vehicle value - What's best when insuring?
With only 9 sold in the UK (as far as I know), I would think it's going to be pretty hard to value the car accurately?!
Colin
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
Re: Vehicle value - What's best when insuring?
Loss adjusters usually just use a a trade price guide like CAP or Glasses to find a price. You can always send copies of adverts you find that might be evidence that their offer is too low and negotiate the offer more in your favour.
If you are worried about being low balled then agreed value policy is your safest option.
If you are worried about being low balled then agreed value policy is your safest option.
Range Rover SDV8.
E64 B6s #100 Cabriolet (Now Sold)
Maserati Gransport
E64 B6s #100 Cabriolet (Now Sold)
Maserati Gransport
Re: Vehicle value - What's best when insuring?
Correct. If you're really concerned, have a chat with A-Plan or similar as they're used to low production cars and cover many of the rarer Alpina's (yes, there are some you can count on the fingers of one hand, never mind two ). Quoting 'what you paid' gets you nowhere but an educated stab at it based on cars for sale/recently sold of a similar type gets you part way in the conversation, and then they go to their underwriters and get that narrowed down. They have underwriters who effectively will replace 'like for like' where possible or payout based on recent sold values.PhillV8S wrote: ↑Tue Jul 28, 2020 6:20 pmLoss adjusters usually just use a a trade price guide like CAP or Glasses to find a price. You can always send copies of adverts you find that might be evidence that their offer is too low and negotiate the offer more in your favour.
If you are worried about being low balled then agreed value policy is your safest option.
The value of the car often does not affect the premium as the valuations are in bands, and most cars up to say £50k (I forget the actual cut-off but I cover cars both sides of the demarcation cut-off) valuation are the same risk to the underwrite.
Just NEVER under-insure as they may use your valuation as a cap. Mileage covered, driver history and location and the type of use the car is involved in usually make up the bulk of the premium, but being Alpina does put it in a higher risk group from the starting point
Cheers
Bobbly
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- ALPIN
- Posts: 661
- Joined: Fri Oct 15, 2010 5:26 pm
- Location: Birmingham B14
Re: Vehicle value - What's best when insuring?
Thanks for the advice and information.bobbly wrote: ↑Wed Jul 29, 2020 9:31 amCorrect. If you're really concerned, have a chat with A-Plan or similar as they're used to low production cars and cover many of the rarer Alpina's (yes, there are some you can count on the fingers of one hand, never mind two ). Quoting 'what you paid' gets you nowhere but an educated stab at it based on cars for sale/recently sold of a similar type gets you part way in the conversation, and then they go to their underwriters and get that narrowed down. They have underwriters who effectively will replace 'like for like' where possible or payout based on recent sold values.PhillV8S wrote: ↑Tue Jul 28, 2020 6:20 pmLoss adjusters usually just use a a trade price guide like CAP or Glasses to find a price. You can always send copies of adverts you find that might be evidence that their offer is too low and negotiate the offer more in your favour.
If you are worried about being low balled then agreed value policy is your safest option.
The value of the car often does not affect the premium as the valuations are in bands, and most cars up to say £50k (I forget the actual cut-off but I cover cars both sides of the demarcation cut-off) valuation are the same risk to the underwrite.
Just NEVER under-insure as they may use your valuation as a cap. Mileage covered, driver history and location and the type of use the car is involved in usually make up the bulk of the premium, but being Alpina does put it in a higher risk group from the starting point
Cheers
Bobbly
Am having problems finding an insurer that covers a B4BT! Even Adrian Flux don't have it listed!
Anyone got a good deal recently?
Colin
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
Re: Vehicle value - What's best when insuring?
I was initially with A Plan the moved over to Classicline and have been with them ever since.
Not sure if they can help?
Not sure if they can help?
E36 B3 3.0
E46 B3 3.3
E30 C2.7 - Stolen
If you ever have everything under control, you’re not moving fast enough
E46 B3 3.3
E30 C2.7 - Stolen
If you ever have everything under control, you’re not moving fast enough
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- ALPIN
- Posts: 661
- Joined: Fri Oct 15, 2010 5:26 pm
- Location: Birmingham B14
Re: Vehicle value - What's best when insuring?
Thanks!
The Classic Line web site doesn't seem to list the B4, unfortunately. I will give them a call....
As for an agreed value, A Plan state the car has to be at least 20yrs old!
Colin
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
Re: Vehicle value - What's best when insuring?
I am with A plan and my car is 12 years old and has an agreed value policy.
Range Rover SDV8.
E64 B6s #100 Cabriolet (Now Sold)
Maserati Gransport
E64 B6s #100 Cabriolet (Now Sold)
Maserati Gransport
Re: Vehicle value - What's best when insuring?
I do not currently, but historically have had, an 'agreed value' policy with Aplan for a car under 10 years old. It's down to specific underwriters they have access to. Plus, OP, some of my cars are not listed on website quotes, but a phone call gets quotes. Your car is not that unusual: I know of far rarer ALPINA with insurance in place with no difficulties,
Cheers
Bobbly
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- ALPIN
- Posts: 661
- Joined: Fri Oct 15, 2010 5:26 pm
- Location: Birmingham B14
Re: Vehicle value - What's best when insuring?
Hi,
Classic Line have provided a cheaper quote + Legal & car recovery thrown in. The only thing I'm puzzled by is that they don't give you any discount for your no claims bonus!? When I called, the guy said that Alpina's are classed a secondary cars/future classics so the ncb isn't used....and, even if I asked them to add the 14yrs I have, it wouldn't make a difference to the premium. Plus of course, there's no need to pay to protect the bonus if it's not being used.
I know you can normally only use your ncb on one car but the B4 is my daily driver (not that I cover a lot of miles), so isn't my secondary car.
Anyone heard of this?
Classic Line have provided a cheaper quote + Legal & car recovery thrown in. The only thing I'm puzzled by is that they don't give you any discount for your no claims bonus!? When I called, the guy said that Alpina's are classed a secondary cars/future classics so the ncb isn't used....and, even if I asked them to add the 14yrs I have, it wouldn't make a difference to the premium. Plus of course, there's no need to pay to protect the bonus if it's not being used.
I know you can normally only use your ncb on one car but the B4 is my daily driver (not that I cover a lot of miles), so isn't my secondary car.
Anyone heard of this?
Colin
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
2004 Titanium Silver E46 Alpina B3s Coupe #090 - Sold
2014 Black Sapphire F32 Alpina B4BT Coupe #16
Re: Vehicle value - What's best when insuring?
Am the same but I don’t get it either
I have over 20 years ncb
I have over 20 years ncb
Re: Vehicle value - What's best when insuring?
Sounds like a curiosity of Classic Line policies.
Charles
Teacher of Chemistry and driver of ALPINAs - not necessarily in that order
B3S Touring (49/116) - been to the moon and now on the way back!
Renault Grand Espace - not mine but the wife's!
Teacher of Chemistry and driver of ALPINAs - not necessarily in that order
B3S Touring (49/116) - been to the moon and now on the way back!
Renault Grand Espace - not mine but the wife's!
Re: Vehicle value - What's best when insuring?
Value of cars at total loss is often way below market value. I had a Renault Espace (don't laugh) written off 3 years ago. At the time of the accident here were only 5 for sale of similar spec, condition and mileage and they were all £3k to £3.5K. My insurance valued the car at £1,200. Not matter how hard I pushed they refused to back down or change their mind. Then they just sent me a cheque minus the remaining premium for the year which was £400 so I ended up with a cheque for £800. I got so pissed off with them I bought a £500 Astra 1.3CDTi with 200k on it and didn't give a crap about it. Never washed, parked it anywhere, drove it like a hire car, had muddy mountain bikes in the back, all sorts. Eventually is failed its MOT I didn't want anything to do with it so sold it for £250.
There is a good ending to the story though as my next car was my current 2009 D3 Biturbo. Which I am trying to make as good as I possibly can.
There is a good ending to the story though as my next car was my current 2009 D3 Biturbo. Which I am trying to make as good as I possibly can.
E90 D3 Biturbo 2009 No114
Black with Gold Decals
Piano black interior trim - with Gold in lay dash trim.
Upgraded Stereo system -
Black with Gold Decals
Piano black interior trim - with Gold in lay dash trim.
Upgraded Stereo system -